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Green Landscaping: Stable quarter and positive outlook ahead - SEB

Green Landscaping reported Q3 sales slightly above our estimates while EBITA was in line. Adj. EBITA margin was 7.6%, which was burdened somewhat by inflationary pressure and the timing of contract indexation, for which price increases come with a lag. Overall, outlook comments were supportive and the order backlog instilled confidence into the coming quarter. We make minimal estimate revisions and reiterate our mid-point valuation of SEK 98 per share.

Green Landscaping reported Q3 sales slightly above our estimates while EBITA was in line. Adj. EBITA margin was 7.6%, which was burdened somewhat by inflationary pressure and the timing of contract indexation, for which price increases come with a lag. Overall, outlook comments were supportive and the order backlog instilled confidence into the coming quarter. We make minimal estimate revisions and reiterate our mid-point valuation of SEK 98 per share.
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